Black Friday Ripple Effects on Commercial Real Estate
It looks like opening early has paid off for many retailers. With the much publicized midnight (or sometimes earlier) Black Friday openings, retailers got a jump start on the traditional holiday shopping traffic. Retail sales were up 7% this Black Friday compared to last year’s sales. That meant lots of shoppers spending time at malls across the country, including popular retail destinations in Virginia, like Tysons Galleria in Fairfax County and Short Pump Town Center near Richmond. But, what does this mean for the real estate industry in Virginia? (more…)
October Home Sales Highlight Tough Residential Market
Earlier this month, we discussed the mixed signals in the residential real estate market and what this might mean for Virginia. October 2011 home sales data have been released, providing a clearer picture of the residential real estate market in the state. The state’s home sales took a hit in October, falling 8.6% compared to a year ago, according to the Virginia Association of Realtors. (more…)
Defense Cuts Could Result in Major Real Estate Challenges in NoVa and Hampton Roads
It is official. The bi-partisan congressional supercommittee that was charged with cutting the deficit by $1.2 trillion has announced failure. As a result, there will be $600 billion in automatic defense budget cuts starting in January 2013. This, coupled with the already $450 billion worth of cuts that DoD is currently making, will have a huge impact on Virginia. Approximately 14% of the state’s economy comes from Defense spending. This includes the military installations in Northern Virginia and the Hampton Roads area as well as all of the government contractors such as Northrop Grumman, Boeing, and others. (more…)
New Marketing Tools for Home Builders
As marketing and technology solutions continue to evolve, real estate professionals need to explore a variety of tools and strategies to promote their properties and generate more leads. In the November/December issue of the Home Building Association of Richmond’s Footings newsletter, CPG explores new marketing tools for home builders to consider, including digital marketing, social media marketing, and mobile marketing. Although this article geared toward home builders, the lessons also apply to the larger residential real estate market and the commercial real estate market.
City of Richmond Continues Community Outreach for Shockoe Bottom Development Plan
Yesterday CPG’s Mark Hickman participated in an i.e.* conversation convened by the City of Richmond to discuss ways “to make the new economic development plan for Shockoe Bottom authentic, viable, and relevant to the creative community.” Real estate, planning, business, design, and other professionals attended the event, where the city’s Department of Economic and Community Development presented highlights from its revitalization strategy. A facilitator then led two break-out sessions, during which attendees brainstormed and shared ideas for a Shockoe Bottom renaissance, from infrastructure and transportation improvements to mixed-use development and tourism initiatives. (more…)
